USD/CHF extends gains for the second consecutive day, advancing to near 0.9080 during the early European hours on Tuesday.
USD/CHF appreciated as the US Dollar improved after stronger US ISM data. Swiss Franc receives downward pressure after weaker Real Retail Sales. Swiss Real Retail Sales declined by 0.2% YoY in February, against the expected rise of 0.4%. The US Dollar received a boost as US Treasury bond yields surged following positive ISM Manufacturing PMI data from the United States , thereby supporting the USD/CHF pair.
This lower figure has contributed to downward pressure on Swiss Franc . The Swiss National Bank’s statement highlighted that the easing of monetary policy was feasible due to the effectiveness of the inflation-fighting efforts over the past two and a half years. Moreover, ING analysts anticipate two additional rate cuts from the SNB in the year 2024, barring any unexpected developments in the global economic landscape that could rapidly escalate inflationary pressures once more.
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